CMA

CMA: Nomura maintain Buy, TP $2.49 from 2.43. Note that FY12 results have confirmed that CMA's core earnings turnaround is on track and further growth is expected in FY13F, underpinned by the maiden full-year contribution from new malls in Japan, China and Singapore. The unlocking of value of assets in CMA’s portfolio also looks increasingly likely. In particular, Star Vista and Queensbay Mall could be near-term candidates. raise NAV estimate to reflect the higher market valuation of listed entities. Continue to ascribe an up-cycle valuation to CMA on account of the core earnings recovery and potential near-term positive catalysts from asset divestments.